NEW YORK: BATS Global Markets said on Tuesday it plans to launch a stocks listing service in the United States this year, competing head-to-head with the New York Stock Exchange and Nasdaq exchanges. The Missouri-based company is the country's number-three stock exchange operator but is currently limited to selling and buying stocks listed on the NYSE and Nasdaq. BATS said it plans to launch a primary listings market and had filed draft rules to the market regulator, the Securities and Exchange Commission, with a formal filing due to follow shortly. The launch was expected in the final three months of the year.
"We believe there is a need for an alternative listing venue in today's market, which has only been heightened in recent weeks as legacy exchanges weigh different merger and acquisition strategies," Joe Ratterman, president and chief executive of BATS Global Markets, said in the statement. He noted that market conditions had become "increasingly favourable" to companies looking to gain access to the capital markets. BATS was part of a wave of consolidation that swept the global securities and derivatives exchange sector in February. The company announced it would buy Chi-X Europe, creating a combined company that will be the largest centre in Europe in terms of market share and the value of assets traded. NYSE Euronext, the parent company of the NYSE, and German operator Deutsche Boerse unveiled a merger deal to forge the world's biggest exchange by revenues and a powerhouse in derivatives trading. And the London Stock Exchange Group said it would merge with its Toronto counterpart, TMX Group, to create the world's biggest trading platform and dominate raw materials and energy. BATS noted that it was "exploring opportunities" in Brazil. Last month the company revealed it was in talks with Brazilian asset management firm Claritas to create a new stock exchange in Brazil.
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